Pay no attention to that 9.5% decline in median prices

Askingprices_globe1_3The Massachusetts Association of Realtors (MAR) released their official February housing statistics yesterday; and once again, a number of leading bubble bloggers in Boston hosted an online chat to make sense of the Realtor-speak.

Help me with this puzzler from MAR’s housing report:

"Predictions of steep price declines in home values made this past fall remain largely unfounded. While the current median price is 9.5 percent below the record high monthly median of $375,000 set in July and August 2005, today’s prices largely reflect healthier inventory levels, which has eased upward pressure on prices, rather than plunging property values."

Median prices dropping nearly 10% in six months?  Sounds like a pretty steep decline to me, how about you?  As always, comments are welcome below, or on own blog readers line 617-876-2117 for possible use in a future podcast.

Posted in Bubble Hour, Market trends, Price trends, Real Estate Bubble, Timing the market

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